Central Puerto S.A. (CEPU) Cash Flow Statement
Where CEPU’s cash came from and went, 2025
December 31, 2025 · Argentine pesos- Cash from operations
- ARS 411.21B +169,875.7% vs 2024
- Capital expenditures
- ARS 295.41B 26.9% of revenue
- Free cash flow
- ARS 115.80B 10.6% margin
- Returned to shareholders
- ARS 1.01B 1% of free cash flow
- Change in cash
- ARS 32.63B cash at year-end ARS 37.68B
Cash from operations
ARS 411.21B
Capital expenditures
−ARS 295.41B
Acquisitions & other
+ARS 19.10B
Net borrowing (repayment)
−ARS 59.70B
Other financing
−ARS 35.53B
Currency & other
−ARS 7.04B
Change in cash
ARS 32.63B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CEPU operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
CEPU cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | ARS 2.09B2016 | ARS 411.21B2025 | +79.9%/yr | |
| Capital expenditures | ARS 2.19B2016 | ARS 295.41B2025 | +72.5%/yr | |
| Free cash flow | −ARS 99.8M2016 | ARS 115.80B2025 | — | |
| Free cash flow margin | −2.6%2016 | 10.6%2025 | +13.2 pts | |
| Operating cash flow / net income | 0.772016 | 0.912025 | +0.14 | |
| Stock-based compensation | ARS 2.9M2017 | ARS 357.9M2022 | +161.2%/yr | |
| Dividends paid | ARS 1.47B2016 | ARS 1.01B2025 | −4.1%/yr | |
| Share buybacks (net) | ARS 02016 | ARS 5.6M2023 | — | |
| Capex / revenue | 58.1%2016 | 26.9%2025 | −31.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CEPU cash flow by activity
OperatingInvestingFinancingChange in cash
CEPU net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CEPU cash flow statement in Argentine pesos
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | ARS 453.03B | ARS 54.2M | ARS 502.8M | ARS 25.80B | ARS 7.62B | ARS 12.08B | ARS 14.41B | ARS 23.84B | ARS 4.81B | ARS 2.72B |
| Depreciation & amortization | ARS 162.99B | ARS 149.68B | ARS 201.15B | ARS 19.45B | ARS 10.71B | ARS 5.95B | ARS 3.39B | ARS 1.48B | ARS 2.48B | ARS 242.0M |
| Stock-based compensation | — | — | — | ARS 357.9M | ARS 183.8M | ARS 1.7M | ARS 48.6M | ARS 13.4M | ARS 2.9M | — |
| Change in working capital | −ARS 5.73B | −ARS 22.0M | −ARS 16.9M | ARS 9.75B | −ARS 4.23B | ARS 6.68B | ARS 13.29B | ARS 9.43B | −ARS 1.05B | ARS 482.9M |
| Other non-cash items | −ARS 199.08B | −ARS 149.47B | −ARS 201.27B | ARS 285.2M | ARS 11.75B | −ARS 5.41B | −ARS 19.17B | −ARS 31.06B | −ARS 3.86B | −ARS 1.36B |
| Cash from operating activities | ARS 411.21B | ARS 241.9M | ARS 369.2M | ARS 55.64B | ARS 26.04B | ARS 19.29B | ARS 11.97B | ARS 3.71B | ARS 2.39B | ARS 2.09B |
| Investing activities | ||||||||||
| Capital expenditures | −ARS 295.41B | −ARS 155.6M | −ARS 33.4M | −ARS 3.35B | −ARS 5.37B | −ARS 11.97B | −ARS 17.50B | −ARS 6.96B | −ARS 3.48B | −ARS 2.19B |
| Investments (net) | −ARS 133.3M | −ARS 164.91B | ARS 2.18B | −ARS 31.26B | −ARS 5.34B | −ARS 17.29B | −ARS 27.90B | −ARS 5.07B | −ARS 2.32B | −ARS 1.93B |
| Acquisitions & other investing | ARS 19.10B | ARS 164.87B | −ARS 2.38B | ARS 3.38B | ARS 3.79B | ARS 11.97B | ARS 17.50B | ARS 3.05B | ARS 3.54B | ARS 2.05B |
| Cash from investing activities | −ARS 276.44B | −ARS 189.0M | −ARS 233.1M | −ARS 31.23B | −ARS 6.92B | −ARS 17.29B | −ARS 27.90B | −ARS 8.98B | −ARS 2.26B | −ARS 2.06B |
| Financing activities | ||||||||||
| Dividends paid | −ARS 1.01B | −ARS 18.2M | −ARS 74.4M | −ARS 3.59B | −ARS 117.8M | −ARS 64.0M | −ARS 1.13B | −ARS 1.92B | −ARS 1.40B | −ARS 1.47B |
| Share repurchases & issuance (net) | — | — | −ARS 5.6M | −ARS 41.5M | — | — | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Net borrowing (repayment) | −ARS 59.70B | −ARS 48.32B | −ARS 70.73B | −ARS 6.64B | −ARS 14.85B | −ARS 123.9M | ARS 21.04B | ARS 3.47B | ARS 1.12B | ARS 1.02B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | −ARS 35.53B | ARS 48.26B | ARS 70.61B | −ARS 6.04B | −ARS 4.20B | −ARS 3.50B | −ARS 2.77B | −ARS 417.0M | −ARS 59.0M | ARS 58.8M |
| Cash from financing activities | −ARS 96.24B | −ARS 70.9M | −ARS 196.2M | −ARS 16.31B | −ARS 19.17B | −ARS 3.68B | ARS 17.13B | ARS 1.14B | −ARS 341.3M | −ARS 397.3M |
| Summary | ||||||||||
| Net change in cash | ARS 32.63B | −ARS 12.9M | −ARS 35.5M | ARS 8.69B | −ARS 138.9M | −ARS 1.76B | ARS 1.14B | ARS 99.1M | ARS 58.6M | −ARS 262.5M |
| Cash at end of period | ARS 37.68B | ARS 3.7M | ARS 16.7M | ARS 9.24B | ARS 281.7M | ARS 278.7M | ARS 1.49B | ARS 229.9M | ARS 88.6M | ARS 30.0M |
| Free cash flow | ARS 115.80B | ARS 86.3M | ARS 335.8M | ARS 52.29B | ARS 20.66B | ARS 7.32B | −ARS 5.53B | −ARS 3.25B | −ARS 1.09B | −ARS 99.8M |
| Free cash flow margin | 10.6% | 0.0% | 0.1% | 7.6% | 6.0% | 6.5% | −7.5% | −16.8% | −11.4% | −2.6% |
| Capex / revenue | 26.9% | 0.0% | 0.0% | 0.5% | 1.6% | 10.7% | 23.7% | 36.0% | 36.1% | 58.1% |
| Operating cash flow / net income | 0.91 | 4.47 | 0.73 | 2.16 | 3.42 | 1.60 | 0.83 | 0.16 | 0.50 | 0.77 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | ARS 128.63B | ARS 158.65B | ARS 23.07B | ARS 131.25B | ARS 90.38B | ARS 78.4M | −ARS 26.79B | ARS 40.5M | ARS 6.8M | ARS 28.4M | ARS 252.71B | ARS 13.96B |
| Depreciation & amortization | ARS 55.74B | ARS 50.44B | ARS 73.78B | ARS 28.98B | ARS 33.54B | ARS 27.39B | ARS 33.84B | ARS 36.37B | ARS 33.38B | ARS 22.82B | ARS 70.00B | ARS 16.54B |
| Change in working capital | −ARS 359.64B | −ARS 52.87B | ARS 27.52B | −ARS 21.93B | −ARS 2.66B | −ARS 15.3M | ARS 24.02B | −ARS 395,024 | ARS 110.6M | −ARS 132.5M | −ARS 65.21B | ARS 11.42B |
| Other non-cash items | ARS 281.38B | −ARS 117.12B | ARS 79.71B | −ARS 66.59B | −ARS 21.80B | −ARS 27.41B | ARS 48.17B | −ARS 36.28B | −ARS 33.42B | −ARS 22.74B | −ARS 128.29B | −ARS 8.50B |
| Cash from operating activities | ARS 106.11B | ARS 39.11B | ARS 204.08B | ARS 71.71B | ARS 99.47B | ARS 49.6M | ARS 79.25B | ARS 130.3M | ARS 74.4M | −ARS 24.6M | ARS 129.21B | ARS 33.41B |
| Investing activities | ||||||||||||
| Capital expenditures | −ARS 96.01B | −ARS 71.11B | −ARS 119.31B | −ARS 70.99B | −ARS 67.00B | −ARS 44.3M | −ARS 65.54B | −ARS 38.5M | −ARS 22.1M | −ARS 28.5M | −ARS 10.13B | −ARS 1.89B |
| Investments (net) | −ARS 87.54B | ARS 86.49B | ARS 77.72B | −ARS 121.68B | −ARS 57.70B | −ARS 64.57B | −ARS 49.23B | −ARS 104.51B | −ARS 19.13B | ARS 7.97B | −ARS 36.30B | −ARS 15.11B |
| Acquisitions & other investing | −ARS 119.07B | −ARS 338.59B | ARS 17.03B | ARS 70.99B | ARS 67.00B | ARS 64.54B | — | ARS 104.43B | ARS 19.13B | −ARS 7.94B | — | ARS 2.49B |
| Cash from investing activities | −ARS 302.61B | −ARS 323.21B | −ARS 24.57B | −ARS 121.68B | −ARS 57.70B | −ARS 72.2M | — | −ARS 121.9M | −ARS 25.8M | ARS 5.0M | — | −ARS 14.50B |
| Financing activities | ||||||||||||
| Dividends paid | ARS 0 | −ARS 73.6M | −ARS 1.19B | −ARS 52.7M | −ARS 883.6M | −ARS 2.2M | −ARS 2.88B | −ARS 1.7M | −ARS 2.0M | −ARS 12.3M | −ARS 20.43B | −ARS 383.3M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | — | ARS 14.5M | ARS 11.74B | −ARS 8.19B |
| Net borrowing (repayment) | ARS 188.42B | ARS 276.58B | −ARS 159.44B | ARS 105.69B | −ARS 18.71B | ARS 12.76B | −ARS 17.76B | −ARS 5.14B | — | — | — | −ARS 3.31B |
| Shares issued | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 | ARS 0 |
| Other financing | −ARS 16.14B | −ARS 8.83B | −ARS 33.16B | −ARS 9.79B | −ARS 8.77B | −ARS 12.75B | −ARS 13.80B | ARS 5.14B | −ARS 47.5M | ARS 3.7M | −ARS 82.56B | ARS 3.67B |
| Cash from financing activities | ARS 172.28B | ARS 267.67B | −ARS 193.78B | ARS 95.85B | −ARS 28.37B | ARS 12.1M | −ARS 34.45B | −ARS 7.8M | −ARS 49.5M | ARS 5.9M | −ARS 91.25B | −ARS 8.22B |
| Summary | ||||||||||||
| Net change in cash | −ARS 19.71B | −ARS 11.33B | −ARS 33.05B | ARS 60.50B | −ARS 155.6M | ARS 2.4M | −ARS 2.90B | ARS 1.6M | −ARS 773,951 | −ARS 10.5M | −ARS 10.17B | ARS 15.86B |
| Cash at end of period | ARS 6.64B | ARS 26.35B | ARS 37.67B | ARS 66.89B | ARS 6.39B | ARS 6.1M | ARS 3.84B | ARS 6.9M | ARS 5.3M | ARS 6.1M | ARS 13.47B | ARS 20.36B |
| Free cash flow | ARS 10.10B | −ARS 32.00B | ARS 84.77B | ARS 719.1M | ARS 32.47B | ARS 5.3M | ARS 13.71B | ARS 91.8M | ARS 52.2M | −ARS 53.1M | ARS 119.07B | ARS 31.53B |
| Free cash flow margin | 1.5% | −9.3% | 26.7% | 0.2% | 15.1% | 0.0% | 6.4% | 0.1% | 0.0% | −0.0% | 41.0% | 18.0% |
| Capex / revenue | 13.8% | 20.7% | 37.6% | 22.2% | 31.2% | 0.0% | 30.5% | 0.0% | 0.0% | 0.0% | 3.5% | 1.1% |
| Operating cash flow / net income | 0.82 | 0.25 | 8.85 | 0.55 | 1.10 | 0.63 | — | 3.21 | 10.96 | −0.87 | 0.51 | 2.39 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Argentine pesos as reported; data from EODHD.
CEPU cash generation
In fiscal 2025 (ended December 31, 2025), Central Puerto generated ARS 411.2 billion of cash from operations (up 169,875.7%) and spent ARS 295.4 billion on capital expenditures, leaving free cash flow of ARS 115.8 billion, 10.6% of revenue. It returned ARS 1.0 billion to shareholders through dividends (ARS 1.0 billion) and net share buybacks (ARS 0). Cash and equivalents rose by ARS 32.6 billion over the year.
Related: CEPU income statement, CEPU balance sheet. See the CEPU stock overview for the latest quote and news.
CEPU cash flow FAQ
What is Central Puerto's free cash flow?
Central Puerto's free cash flow was ARS 115.8 billion in fiscal 2025: ARS 411.2 billion of operating cash flow minus ARS 295.4 billion of capital expenditures It was ARS 86.3 million a year earlier..
How much cash does Central Puerto generate from operations?
Central Puerto generated ARS 411.2 billion of cash from operating activities in fiscal 2025, 0.91 times its net income of ARS 453.0 billion.
How much does Central Puerto spend on capital expenditures?
Central Puerto spent ARS 295.4 billion on capital expenditures in fiscal 2025, 26.9% of revenue, compared with ARS 155.6 million the year before.
How much does Central Puerto pay in dividends?
Central Puerto paid ARS 1.0 billion in dividends in fiscal 2025, 0.9% of free cash flow.
Utilities - Regulated Electric: cash flow
- KEPKorea Electric Power
- EDNEmpresa Distribuidora y Comercializadora Norte Sociedad Anónima
- CIGCompanhia Energética de Minas Gerais
- CIG.CEnergy of Minas Gerais Co DRC
- DUKDuke Energy
- SOSouthern Company
- SOMNSouthern
- NEENextEra Energy
- ELPCCompanhia Paranaense de Energia - COPEL
- PCGPG&E
- EXCExelon
- AEPAmerican Electric Power